The Indian primary market witnessed a historic surge in 2025, setting a new benchmark for capital mobilization. Companies successfully raised close to Rs 2 lakh crore through a total of 365 Initial Public Offerings (IPOs), eclipsing the previous year's collection of about Rs 1.9 lakh crore from 336 IPOs.
Mainboard Dominance and SME Proliferation
Data from brokers and primary market analytics firms reveals a fascinating split in the IPO landscape. Of the 365 offerings, 110 were main board IPOs, while the remaining 255 debuted on the SME platforms of the BSE and NSE. However, a report by Motilal Oswal Financial Services highlights that despite the numerical superiority of SME listings, the main board segment dominated the fundraising, accounting for a staggering 94% of the total aggregate collections.
The total funds raised in 2025 were nearly four times the amount mobilised in 2023, underscoring the explosive growth trajectory. Analysts attribute this remarkable performance to the evolving nature of Indian equities. "This remarkable growth can largely be attributed to the evolving nature of Indian equities, which are introducing new dimensions to the investment landscape, underpinned by robust fund inflows," the Motilal Oswal report noted.
Diversification and Record-Breaking Subscriptions
A key positive trend highlighted is the broad-based sectoral participation. "Over the past 24 months, IPOs have emerged from companies across a diverse range of sectors, rather than being confined to a select few or primarily emerging sectors, as was common in previous years," the report added. This diversification offers investors multiple avenues to participate in India's economic growth story.
The year was also marked by exceptional investor appetite. Data from Chittorgarh.com showed that seven IPOs were subscribed more than 100 times. Highway Infrastructure's offer led the pack, getting subscribed over 250 times. Furthermore, four IPOs – LG Electronics, Meesho, Standard Glass Lining, and ICICI Prudential MF – each received over 50 lakh applications, reflecting massive retail interest.
In the large-ticket segment, five IPOs individually raised over $1 billion, with four of them exceeding the Rs 10,000-crore mark.
FPI Strategy and The Mega 2026 Pipeline
An interesting divergence was observed in foreign portfolio investor (FPI) activity. While FPIs were net sellers to the tune of a record $23 billion in the secondary market, they were net buyers in the primary market, investing about $7.3 billion through the IPO route, as per NSDL data.
The momentum is expected to continue into 2026, potentially on an even larger scale. Merchant bankers indicate that the coming year could see at least three mega IPOs hitting the market, including those of Reliance Jio Platforms, the National Stock Exchange (NSE), and Flipkart. These blockbuster offerings are poised to make 2026 another landmark year for the Indian capital markets, building on the robust foundation laid in 2025.
